What is the status of unclaimed dividends and balances on a winding-up under the Act?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 kruthika asked almost 3 years ago

Hi Can I know, What is the status of unclaimed dividends and balances on a winding-up under the Act?

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5 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 narahari answered almost 3 years ago

No dividend to creditors or return of capital to contributories shall be declared by the Official Liquidator without the sanction of the Court. Notice of declaration. The Official Liquidator shall give notice of the declaration of dividend not less than one month prior to the date fixed for the payment thereof. Unless otherwise directed by the Judge, such notice shall be given by advertisement in such newspapers as the Judge shall direct and by sending by prepaid letter post under certificate of posting a notice to every person whose name appears in the list of creditors as on such date. The advertisement shall be in Form No. 137 and the notice to creditor in Form No. 138.

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Open uri20170510 32134 59004f?1494421790 Anshul Dhawan answered almost 3 years ago

In a winding up, unclaimed dividends and unapplied balances will be lodged to an account to be nominated by the Minister and will be treated in a manner similar to unclaimed policies of life assurance, and as such, will default to the Exchequer after seven years, subject to any court order to restore the money to any person who satisfies the court that he or she is the rightful owner.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Chirag answered almost 3 years ago

**Declaration of dividend or return of capital** * No dividend to creditors or return of capital to contributories shall be declared by the Official Liquidator without the sanction of the Court. **Notice of declaration** * The Official Liquidator shall give notice of the declaration of dividend not less than one month prior to the date fixed for the payment thereof. Unless otherwise directed by the Judge, such notice shall be given by advertisement in such newspapers as the Judge shall direct and by sending by prepaid letter post under certificate of posting a notice to every person whose name appears in the list of creditors as on such date. The advertisement shall be in Form No. 137 and the notice to creditor in Form No. 138. **Form of authority to pay dividend** *A person to whom dividend is payable may lodge with the Official Liquidator an authority in writing to pay such dividend to another person named therein. Such authority shall be in Form No. 139. **Transmission of dividends by post** *Dividends and returns of capital may, at the request and risk of the person to whom they are payable be transmitted to him by registered post or by money order as may be appropriate. **Form of order directing return of capital** *Every order by which the Official Liquidator is authorised to make a return to contributories of the company, shall, unless the Court otherwise directs, contain or have appended thereto a schedule or list (which the Official Liquidator shall prepare) setting out in a tabular form the full names and addresses of the persons to whom the return is to be paid, and the amount of money payable to each person, and particulars of the transfers of shares (if any) which have been made or the variations in the list of contributories which have arisen since the date of the settlement of the list of contributories and such other information as may be necessary to enable the return to be made. The schedule or list shall be in Form No. 140 with such variations as circumstances shall require and the Official Liquidator shall send a notice of return to each contributory by ordinary post under certificate of posting in Form No. 141. **Payment of dividend or return of capital due to a deceased creditor or contributory** * Where a claim made in respect of a dividend due to a deceased creditor or a return of capital due to a deceased contributory is Rs. 500 or less, the Official Liquidator may, upon satisfying himself as to the claimant’s right and title to receive the dividend or the return as the case may be, apply to the Court for sanctioning the payment of such dividend or return to the claimant without the production of a succession certificate or like authority. Where the Court sanctions the payment, the Official Liquidator shall make the payment upon obtaining a personal indemnity from the payee.

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ranjan bhutani commented over 1 year ago

In a winding up, unclaimed dividends will be lodged to an account to be nominated by the Minister and will be treated in a manner similar to unclaimed policies of life assurance, and as such, will default to the Exchequer after seven years, subject to any court order to restore the money to any person who satisfies the court that he or she is the rightful owner.

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 phool chandra singh answered almost 3 years ago

Dear, your query is that What is the status of unclaimed dividends and balances on a winding-up under the Act? answer of your query is that In a winding up, unclaimed dividends and unapplied balances will be lodged to an account to be nominated by the Minister and will be treated in a manner similar to unclaimed policies of life assurance, and as such, will default to the Exchequer after seven years, subject to any court order to restore the money to any person who satisfies the court that he or she is the rightful owner. Thanks & Regards,

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Open uri20170510 32134 1c996lj?1494421732 Anil answered almost 3 years ago

Declaration of dividend or return of capital. 275. No dividend to creditors or return of capital to contributories shall be declared by the Official Liquidator without the sanction of the Court. Notice of declaration. 276. The Official Liquidator shall give notice of the declaration of dividend not less than one month prior to the date fixed for the payment thereof. Unless otherwise directed by the Judge, such notice shall be given by advertisement in such newspapers as the Judge shall direct and by sending by prepaid letter post under certificate of posting a notice to every person whose name appears in the list of creditors as on such date. The advertisement shall be in Form No. 137 and the notice to creditor in Form No. 138. Form of authority to pay dividend. 277. A person to whom dividend is payable may lodge with the Official Liquidator an authority in writing to pay such dividend to another person named therein. Such authority shall be in Form No. 139. Transmission of dividends by post. 278. Dividends and returns of capital may, at the request and risk of the person to whom they are payable be transmitted to him by registered post or by money order as may be appropriate. Form of order directing return of capital. 279. Every order by which the Official Liquidator is authorised to make a return to contributories of the company, shall, unless the Court otherwise directs, contain or have appended thereto a schedule or list (which the Official Liquidator shall prepare) setting out in a tabular form the full names and addresses of the persons to whom the return is to be paid, and the amount of money payable to each person, and particulars of the transfers of shares (if any) which have been made or the variations in the list of contributories which have arisen since the date of the settlement of the list of contributories and such other information as may be necessary to enable the return to be made. The schedule or list shall be in Form No. 140 with such variations as circumstances shall require and the Official Liquidator shall send a notice of return to each contributory by ordinary post under certificate of posting in Form No. 141. Payment of dividend or return of capital due to a deceased creditor or contributory. 280. Where a claim made in respect of a dividend due to a deceased creditor or a return of capital due to a deceased contributory is Rs. 500 or less, the Official Liquidator may, upon satisfying himself as to the claimant’s right and title to receive the dividend or the return as the case may be, apply to the Court for sanctioning the payment of such dividend or return to the claimant without the production of a succession certificate or like authority. Where the Court sanctions the payment, the Official Liquidator shall make the payment upon obtaining a personal indemnity from the payee.

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